You've turned a little *****ly lately. Usually a sign that the market has turned on you. If that's the case - you're in good company. The "wrong" shares are gaining and the "right" shares are dropping. Overall - things are drifting sideways and ever so slightly upwards - add the dividends and it could be worse, I suppose. The damn Rand keeps getting stronger (this was always on the cards) but there is too much risk to just dump the hedges and pile back into this crazy country. So - we just have to take the pain.
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?They buy and sell properties. When they are fully valued - they dump them to a bigger fund and move on to better yielding stuff. They own some very nice property. The yield is so high because they are a REIT! They are also not sinking capital into vast "A-Grade" money pits. As capital values rise - they gear up. Same as any other fund.
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I like her and will continue to accumulate as a Rand hedge. Together with ITU, CAPC, IAP, STP, MDP, MSP and others. All property stocks offer endless share issues but at around the ruling price which should track the portfolio value - it limits their price growth but they tend to provide a stable investment. They will not dump shares at way below book! Unless, of course, they get into a financial bind and then all bets will be off! This type of property company (STP) is far more flexible and nimble than the traditional "handful of assets" monster fund. They feed off the rate differential between a 6%+ (and growing) portfolio yield and a 3% loan rate. It is all about your view on interest rates - if it's still lower for still longer - these should be good investments. Ordinarily - you can't expect them to shoot the lights out - but then again - their model offers a good dividend yield and ensures that they are also less likely to collapse! Well run - they can crate enormous wealth over time - personally - I am allocating 30% of my portfolio to offshore property. If the markets accept a lower for longer model - these shares will need to play catch-up to bonds yileds - this could result in a 200% gain in prices. Not too shabby an upside kicker for an uber-conservative sector. Of course - at those levels - they would turn into share printing presses and would need to offload.
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The chart looks pretty lousy to me. Just on a cursory basis, at least. The fins are horrid and the cash demands to roll out Starbucks will lead to a rights issue sooner or later. Still - it is one of only three players in the sector, I suppose... so perhaps that will prop it up.
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The chart looks pretty lousy to me. Just on a cursory basis, at least. The fins are horrid and the cash demands to roll out Starbucks will lead to a rights issue sooner or later. Still - it is one of only three players in the sector, I suppose... so perhaps that will prop it up.
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I just notices that thi was about TASTE although you poseted under HLM - HULAMIN. I have no interest in TASTE. I Owned a lot at 50c and thew them out at R1,something - so I am the last one to comment. That said - I felt they were getting too expensive then - so I don't see much to change my mind.
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Interesting at this point and seemingly very cheap. A Rand hedge which benefits from local economic expansion too. Quite unusual in that sense. AND they are a play on the neglected aluminium price which will benefit from a reversal in the sizzlingly hot USD index. "You pays your money and you takes your chances" though.
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Given their foul deal for Stillwater - I would give this thing a complete miss. They had already acquired a heap of below par platinum assets and now they have bought what is mostly a palLadium mine for a price 40% above their own entire market capitalisation. I'll Play LONMIN (maybe IMP) and HAR/GFI for precious metals.
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The day he announces that e is out of BAT - this thing will launch. You will either be in it or you will have to watch from the sidelines - that's my thinking. It is also the only cheap private equity company of scale listed on our market - so 300k shares is where I will go. Anyway - after my two exits and re-entries - these shares will only stand me in at about R2. Makes it easier to decide.
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He personally has 23 billion odd in REI and is working to diversify the BAT holding which has no real long term future. he pretty much HAs to do so or he will be overexposed! Doesn't seem to have done a sterling job of this to date though! Who knows what assets truly lurk in those funds though?
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Notwithstanding the ZAR chart (which is not as clear-cut as many would have us believe anyway)... When the Goons in charge wrestle the SASSA system away from NET1/GRINDROD to "distribute" it themselves - there is going to be a systematic looting of the fund (which, I'll venture is the very reason for the exercise in the first place.) Pay-outs will grind to a halt and there will be looting and mayhem on a hithertofore unseen scale. I have no intention of playing the long odds on this - so, one final time, I bid the ZAR adieu!
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CFR repositioning into lower priced watches. Good luck to them in that market! clearly we are not talking about buying miners at cyclical peaks for yield here. As long as it is decent property, it needn't be the best. So entry "A" grade then. BTW - Dividend, Dividend, Dividend. A policy born of too many years chasing growth dreams! Especially in UKP, USD, EUR
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CFR? You can't have a hedge without any profit. CFR will have its day again. Never liked it much. some UK assets have been smashed post Brexit and offer yields up to nearly 10% in Pounds. REDEFINE INL, INTU, CAPC, SRP, MAMMERSON, MDP, REI, ARA... many more to look at. Maybe start with these.
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CC's are now a thing of the past. Small companies no longer require an auditor - so the same cost as a CC. The only complexity is capturing the dividend stream. Salary structures based on internal return are the most obvious solution.
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